If you haven’t heard the term before, medical financing is a process that makes use of patients’ personal credit to finance some type of medical procedure which that patient requires. Medical financing can be a crucial factor in allowing patients to have at least some options for financing medical costs. In many cases, medical financing may be the only avenue available to cover the cost of procedures that a patient cannot immediately pay for when those procedures are needed. If your healthcare practice can offer medical financing, it will provide one more option for patients in their time of need. Here’s how medical financing works in actual practice.
Medical Financing Options
First of all, you can use dedicated medical finance lenders, who would provide an opportunity for patients to make payments to healthcare providers without having to make a huge upfront payment. There are also payment solutions platforms available which offer payment plans and other financial services which will help patients to get the treatment they need, while making payments over some time frame, all without the use of third-party financing.
Another option would be to make use of medical credit cards, which can be provided by some of the larger banks. This has become commonplace in the healthcare industry, and the interest rate for your medical credit card will be tied to your credit score, which means a patient with a good score can have a lower interest rate. One other type of medical financing which has become popular in recent years is low-interest personal loans. In this form of medical financing, patients typically would conduct their own research and choose a company to work with that can help them with unanticipated medical costs.
Each one of these financing companies will have its own terms for some kind of secured loan, and approval will be dependent on a patient’s credit score and their amount of debt. By providing these medical financing options to your patients, you will be able to increase revenue for your healthcare practice, because it will allow you to get business that you might otherwise not have been able to secure.
Does your Practice Need Medical Financing?
If so, we may be able to provide the financial assistance you need. Contact us at Triport, so we can discuss some options relative to medical financing which you may qualify for.